Tiscali 2013 Annual Report Download - page 139

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
139
 IFRS 11 – Joint arrangements - IFRS 11 replaces IAS 31 “Interests in joint ventures” and SIC 13
“Jointly-controlled entities - conferrals in kind by those taking part in the control and defines the
reference principles for the representation of joint investment agreements. This standard was
approved by the European Union in December 2012 (EU Regulation No. 1254/2012) and applies
as from 1° January 2014.
 IFRS 12 – Disclosure of interests in other entities - IFRS 12 includes – extending the same - all
the requirements in terms of supplementary information which must be provided with regard to
subsidiaries, associated companies, joint arrangements and other investments (so-called
structured entities). This standard was approved by the European Union in December 2012 (EU
Regulation No. 1254/2012) and applies as from 1° January 2014.
 IAS 28 – Investments in associates and joint ventures - Further to the introduction of the new IFRS
10 and 12, IAS 28 was renamed “Investments in associates and joint ventures” and describes the
application of the shareholders’ equity method for investments in jointly-controlled companies, in
addition to associates. These changes were approved by the European Union in December 2012
(EU Regulation No. 1254/2012) and apply as from 1° January 2014.
Amendments to IFRS 10 “Consolidated financial statements”, IFRS 11 “Joint Arrangements” and
IFRS 12 “Disclosure of interests in other entities” - Transition guide - These changes were
approved by the European Union in April 2013 (EU Regulation No. 313/2013) and apply as from
1° January 2014.
 Amendments to IFRS 10, IFRS 12 and IAS 27 - Investment entities - These amendments apply to
a particular class of assets defined as investment entities, whose corporate purpose involves
investing in funds for the purpose of obtaining income from capital or a revaluation of the invested
capital or for both reasons. On the basis of amendments, the companies controlled by the
investment entities must not be consolidated line-by-line but rather valued at fair value in the
income statement. These changes were approved by the European Union in November 2013 (EU
Regulation No. 1174/2013) and apply as from 1° January 2014.
 Amendments to IAS 36 - Impairment of assets - supplementary information on the recoverable
value of the non-financial assets. These changes were approved by the European Union in
December 2013 (EU Regulation No. 1374/2013) and apply as from 1° January 2014.
 IFRIC 21 - Levies - The interpretation defines the accounting treatment of the liabilities for
government taxes and levies other than income taxes in relation to the moment when an entity
can recognise these liabilities. The interpretation has not yet been approved by the European
Union.
 Amendments to IAS 19 - Employee benefits - defined-benefit plans: contribution by employees or
third parties - These amendments introduce the distinction between types of contributions
envisaging a different accounting approach. The amendments have not yet been approved by the
European Union.
 “Improvements” to IFRS cycle 2010-2012 (issued by the IASB in December 2013) - These
amendments, whose applicability is envisaged as from 1 July 2014 with the exception of the
amendments to IFRS 13 which apply immediately, have not yet been approved by the European
Union.
 “Improvements” to IFRS cycle 2011-2013 (issued by the IASB in December 2013) - These
amendments, whose applicability is envisaged as from 1 July 2014, have not yet been approved
by the European Union.
 IFRS 9 - Financial Instruments (issued in November 2009 and October 2010) and subsequent
amendments (issued in December 2011 and November 2013) - IFRS 9 will ultimately replace IAS